Argentine President Javier Milei is under fire after promoting a cryptocurrency that plummeted in value, triggering accusations of fraud and calls for his impeachment.
Thank you for reading this post, don't forget to subscribe!On Friday, Milei posted on X (formerly Twitter) endorsing the $LIBRA coin, claiming it would support small businesses and startups. He also shared a link for purchasing the cryptocurrency, causing its price to surge. However, within hours, he deleted the post, and the coin’s value crashed, wiping out investors’ funds.
Opposition lawmakers have seized on the controversy, with some moving to initiate impeachment proceedings. Additionally, legal complaints alleging fraud were filed in Argentina’s criminal court on Sunday. Critics have accused Milei of orchestrating a “rug pull” scam—where a cryptocurrency is hyped to attract buyers before its promoters abandon it, leaving investors with losses.
Adding to the controversy, the link Milei shared included a phrase commonly used in his speeches, fueling speculation about his direct involvement. However, the presidential office denied any wrongdoing, stating that the post was removed to prevent “speculation.” Officials also emphasized that Milei was not involved in the coin’s development and that the Anti-Corruption Office would investigate the matter.
One of the plaintiffs, Jonatan Baldiviezo, told the Associated Press that Milei’s actions were “essential” to what he called a fraudulent scheme. Meanwhile, former President Cristina Fernández de Kirchner labeled Milei a “crypto scammer” in a widely shared post. The main opposition coalition has announced plans to file an impeachment request, calling the situation an “unprecedented scandal.”
With pressure mounting, the scandal threatens to become a major political crisis for Milei, who has already faced criticism for his unconventional policies and governance style.
